We are fortunate to live in a province that provides basic healthcare coverage. This plan provides for the basic needs of Ontario residents such as medically necessary doctor or hospital visits, eye exams if you are over the age of 65 and under certain circumstances ambulance services, home care and long term care and so on. Although the provincial plan does not provide coverage for drugs some seniors may have access to coverage through the Ontario Drug Benefits (ODB) program or Trillium Drug Plan.
Despite such generous health coverage options there is a need for supplemental insurance to cover dentist visits and procedures, vision care, hearing aids, massage therapy, chiropractic treatment and much more.
Who needs supplemental health insurance?
- Retired or planning to retire
- Individuals who are transitioning between jobs
- Individuals who are self-employed or small business owners
- Individuals who are without health coverage.
What options are available?
People who currently have health insurance coverage through an employer are able to apply for replacement health coverage to stay protected from the high cost of health care. The good news is that if you apply within 60 days of losing your employee health plan, no medical questions need be answered and your acceptance is guaranteed. The plan can be customized to your needs and budget.
People who do not currently have health insurance coverage can also access personal plans that can be customized to suit their needs, lifestyle and budget. Individuals who are self-employed or small business owners may be able to offset the cost of the coverage by deducting it from their annual income and taking advantage of tax savings.
Note: Many plans also include emergency medical travel insurance for a small fee. This coverage is very important whether you plan to travel to another province or abroad.
To ensure you are getting the right coverage for your needs please speak with your advisor or feel free to contact Vikas Ramrakha to discuss further.